Empire State Realty Trust Inc., whose properties include Manhattan’s Empire State Building, filed to raise as much as $1.07 billion as it proceeds with one of the largest initial public offerings of a U.S. real estate investment trust.
The broker’s pitch was appealing: Inland Western Retail Real Estate Trust Inc. would pay steady dividends and the stock price wouldn’t fluctuate with the market. In 2004, Robert and Davida Wendorf invested $100,000.
Lower Manhattan’s World Financial Center, the 8 million-square-foot complex near the Hudson River, will soon have a new identity as owner Brookfield Office Properties Inc. seeks to attract a shifting mix of tenants.
Manhattan’s Plaza district, the area near Central Park that commands the nation’s highest office rents, has a glut of space as financial firms cut back and tenants seek trendier neighborhoods south of Midtown.